NatWest boss on £763k salary claims it's 'not that difficult' for first-time buyers to get on property ladder

The chairman of NatWest has come under fire after claiming it is 'not that difficult' for first-time buyers to get on the property ladder in the UK. Sir Howard Davies, who earns £763,000 a year according to MyLondon, sparked fury after saying prospective buyers have to save, and that “is the way it always used to be”.

It comes as house prices were reported to have increased by 1.7 percent on average across 2023, with the average home valued at around £4,800 higher than at the end of 2022, according to the Halifax house price index.

Average house prices also rose by 1.1 percent month-on-month in December, the third monthly rise in a row. The typical cost of a house in the UK in December 2023 was £287,105, up from £282,305 in the same month a year earlier.

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The comments came from Sir Howard on Friday (January 5) after he was asked by BBC Radio 4’s Today programme when it will be easier for people in the UK to get on the property ladder. Sir Howard said: “I don’t think it is that difficult at the moment.” Pressed about this claim, he added: “You have to save and that is the way it always used to be.”

He continued: “What we saw in the financial crisis was the risk of having people being able to borrow 100% in order to get onto the property ladder, and then suffering severe falls in the equity value of their houses, and having to leave and having a bad credit record. So, there were dangers in very easy access to mortgage credit.

“I totally recognise that there are people who are finding it very difficult to start the process, they will have to save more,